Italian insurer Assicurazioni Generali SpA (ARZGY.PK) reported Friday a lower first-quarter profit, reflecting the ongoing financial market volatility. Premiums from both Life and Non-Life businesses improved from last year. The company also confirmed its full year 2012 operating result target.
Looking ahead, the Group expects to report growth in its operating result in both the Life and the Non-Life segments, and in net profit.
Non-life premiums increased 4.7 percent to 7 billion euros and Life insurance premiums were 12.8 billion euros, up 6.9 percent from last year. New business annual premium equivalent or APE, grew 6 percent from the preceding year.
Giovanni Perissinotto, CEO of the company said, "The first-quarter results reflect a strong recovery at the start of the year compared to the second half of 2011, with increased profitability across all business lines and a significant strengthening of our financial solidity. This is the best possible start to 2012, a year that will see us grow despite the challenges which remain."
Quarterly result attributable to the company declined to 567.1 million euros from 616.5 million euros in the previous year. Earnings per share from continuing operations were 0.36 euros, lower than 0.40 euros per share a year ago.
Net earned premiums for the quarter grew to 17.08 billion euros from 16.46 billion euros a year ago. Total income was 25.3 billion euros, higher than 21.22 billion euros in the previous year.
Generali also confirmed its 2012 operating result target of between 3.9 billion euros and 4.5 billion euros.
The stock closed trading in Milan on Thursday at 9.58 euros, up 2.56 percent.
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